Market Bizzz

Dividends are paid to shareholders who are listed in the company’s records on the record date. Shareholders who buy the stock at least one day before the ex-date qualify for dividends, as the transaction settles the following day. However, those who purchase the stock on the ex-date are not eligible for dividends.

Sebi chief Madhabi Puri Buch and her husband Dhaval Buch have dismissed allegations from Hindenburg Research as baseless. They accuse the US-based short-seller of attempting character assassination in response to a show-cause notice issued by Sebi concerning the Adani issue. The Buchs criticize Hindenburg’s actions as a retaliatory attempt against the enforcement action taken by the regulator.

Hindenburg has now targeted Sebi chief Madhabi Puri Buch and her husband Dhaval Buch in the Adani issue saying that the couple owned stakes in Mauritius and Bermuda-based offshore entities linked to Gautam Adani’s brother Vinod Adani. “If Sebi really wanted to find the offshore fund holders, perhaps the Sebi chairperson could have started by looking in the mirror,” Hindenburg said in its report.

The S&P 500 closed higher on Friday, recovering from a recession-fueled slump. Gains were driven by the technology sector. Investors now focus on upcoming economic data and the Federal Reserve meeting in September, where rate cuts are anticipated.

On Thursday, benchmark indices dropped nearly 1% after the Reserve Bank decided to keep the policy rate steady. Analyst Kushal Gandhi advised existing investors to hold Symphony, which surged 10.35%. However, he suggested caution for Apollo Tyres and Shree Cement, which experienced declines of 1.48% and 3.66%, respectively.

The earnings season for the first quarter has commenced with 306 companies, including Trent, Grasim, and Info Edge, reporting their results. Grasim’s net profit is projected to range from Rs 104-231 crore, despite a potential YoY decline. Revenue is expected to increase, though profits may be hindered by higher losses in some divisions.

Sudip Bandyopadhyay discussed the US economy’s growth prospects and its impact on IT spending, despite recession concerns. He commented on the performance of Tata Motors, Ola Electric, and Rail Vikas Nigam, while emphasizing cautious optimism about the auto and infrastructure sectors. He also mentioned maintaining investments in infrastructure, construction, power, and new-gen companies like Delhivery.

On Thursday, eleven stocks, including Aditya Birla Capital and ABFRL, faced an F&O trade ban due to surpassing open interest limits. Meanwhile, Chambal Fertilizers & Chemicals and Granules India were removed from the ban. In a volatile market, Nifty50 and Sensex closed over 1% higher, ending at 24,297.50 and 79,468 respectively.

The initial quarter earnings season began with 225 companies, including LIC, Eicher Motors, RVNL, and SAIL, reporting their financial performance. Eicher Motors was expected to achieve a significant profit range, while LIC was projected to see a notable increase in its annual premium equivalent and value of new business on a yearly basis.